Speedbowl sale will again go to court
Waterford - A hearing has been scheduled for Jan. 5 at New London Superior Court in the foreclosure case of the Speedbowl car racing track.
Bruce Bemer, owner of Bemer Petroleum in Glastonbury, won ownership the Hartford Turnpike track on Oct. 18 with a bid of $1.75 million at the auction. Speedbowl fan Rocco Arbitell and business partner Peter Borrelli filed for foreclosure against the racetrack's current owner, Terry Eames, in 2008.
The scheduling of the hearing follows Speedbowl creditor Edward DeMuzzio's motion Dec. 3 for the court to reconsider its decision to allow the Oct. 18 sale to proceed. That motion followed a motion in November from DeMuzzio, in which he requested that the court set the Oct. 18 sale aside. In the earlier motion, the creditor alleged that collusion had led to a winning bid that was artificially low, as the track is valued at about $3 million.
Bemer on Dec. 15 filed an objection to DeMuzzio's Dec. 3 motion.
"A private conversation between bidders should have no impact on whether the sale was fair and reasonable, and it didn't. Nor should we be subjected to a court hearing to permit the cross examination of a witness regarding this alleged conversation," the objection states.
The Dec. 3 motion stated that "Mr. Arbitell approached (DeMuzzio) and asked him to pool his debt with Mr. Arbitell. Based upon the representations of Mr. Arbitell, Mr. DeMuzzio agreed to do so."
The motion stated that DeMuzzio "should be afforded the opportunity to cross-examine Mr. Arbitell and ask him the purpose behind asking Mr. DeMuzzio to 'throw-in' or pool his debt with his bid if it was not going to be an act that offered any level of protection to Mr. DeMuzzio."
Bemer's objection states, "It appears that every effort was made to permit the owner of equity to save the property from foreclosure."
Mentioned as evidence of those efforts are advertisements for the sale at auction of the Speedbowl in publications including the Wall Street Journal, Speedway Illustrated and Speed Sport; and Eames' stab at Chapter 11 bankruptcy reorganization. The objection states that that reorganization was unsuccessful.
"Bemer offered the highest bid of $1.75 million. His deposit of over $300,000 remains with the court, collecting no interest. Real estate taxes continue to accrue at the approximate rate of $60,000 per year," the objection continues.
"The racetrack is seasonal in nature and race car owners need and want to know in advance whether there will be racing at the Speedway this coming Spring, 2015," the objection states, then goes on to state that these race car owners will make arrangements to go elsewhere for racing if litigation continues.
An unsigned letter dated Dec. 1 has been filed with the court, addressed to Judge Emmett L. Cosgrove. It alleges mismanagement of finances at the track.
Eames said Friday that he did not know the nature of the Jan. 5 hearing. DeMuzzio, his lawyer Michael S. Bonnano and Bemer could not be reached for comment at their places of work Friday.
t.townsend@theday.com
Twitter: @ConnecticuTess
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